RadioOnFire.com - Famed makeup artist Pat McGrath's cosmetic company, Pat McGrath Labs, surpassed Kylie Jenner's Kylie Cosmetics with a $1 billion valuation.
McGrath made a name for herself in the fashion world, and after launching her makeup line in 2016, it became a hit at Sephora. This week, Pat McGrath Labs made a $60 million deal with New York City-based Eurazeo Brands, making it a minority shareholder.
Kylie Jenner made headlines this week after her cosmetics company was valued at $800 million, and she was reported to become a "self-made" billionaire in the cosmetics industry.
McGrath addressed the news in a statement, writing, "It has always been my dream to create an iconic beauty brand that goes beyond the usual limitations, that lives outside the parameters of what is expected. I am thrilled to be working with the unique and expert team at Eurazeo Brands."
Source: huffingtonpost.com
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